Ten Top Employee Retention Tips
It is all well and good employing great staff or having great staff members but have you considered how to retain the amazing staff you have? Here are ten top tips to retain the talent you have.
Make them aware of company culture
Company culture is something that makes an employee feel “at home” and keeps them loyal. Many companies say they have a company culture, but often it is not well communicated. To retain staff, your company culture should be communicated as soon as a person is hired and throughout their employment. You might also want to look at your policies and procedures and see if they are in line with your company culture.
Have effective leaders developed
One of the biggest reasons for leaving a company is because of the poor relationship between staff and supervisors or managers. Effective leadership in companies needs to be developed through proper training with guidance on how they perform and should communicate with staff under their supervision
Atractive, well-structured compensation packages
One of the best ways to get ahead of your competition is to have the best staff and to get the best staff you need to compensate them well. Getting the right balance and mix of cash and benefits is essential. More companies are now considering a total compensation plan aimed at attracting and retain the best skills while optimising labour costs.
Keep an eye on your top performers
Top performers are the hardest employees to replace, they are also the easiest to be poached. Performance-based bonuses and recognition that they are doing well is vital.
Keep an employee well challenged
Challenging work and roles with varied tasks are two of the biggest things employees are always looking for. It is best to create jobs with a variety of different tasks and allow the best performing staff to work on new or prestigious projects. Cross-training employees on different skills makes a job less boring and more interesting and makes an employee feel understood.
Keep things flexible
Workplace and work hours flexibility is becoming a vital part of retaining employees and has been shown to reduce absenteeism. Technology has made work from home a norm and many companies offer later or earlier starting and finishing times to allows teams to meet and beat the rush hour.
Reward and Recognise
One of the best ways to keep staff is to recognise their value. Simple employee of the month awards is powerful motivators. Rewards don’t always have to be monetary either, it might be that the reward is to park in the CEO’s spot for a week.
Train, grow and develop
Having a clear growth strategy with as few ceilings as possible is key to retaining staff. Employees like to see that there is more for them than just what they are doing now. Providing and supporting skills training is one of the most powerful staff retention tools available. Regular meetings where training needs are discussed helps both the employer and employee and builds up trust that keeps a person retained on the payroll.
Clear and effective communication is essential in any business. Poor communication can lead to things being misunderstood that leads to distrust and reduced performance. Communication about goals and results with clear feedback channels engage employees and make them feel part of things. Regular staff general meetings, ways for employees to make suggestions and ways engage employees on a variety of matters from the taste of coffee to heating or office layout are useful things to consider.
Know why staff leave
The biggest staff retention trick is to find out why someone leaves. Exit interviews are just as important as recruitment interviews. From these often frank discussions company faults and weaknesses can be easily identified before someone else leaves. The information gained in an exit interview can help when training or working with the replacement employee.
To boost your bottom line investing time and effort in keeping your staff is essential and always yields outstanding results.